Japan Electric Car Market Size
| Icons | Lable | Value |
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Study Period | 2017 - 2030 |
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Base Year For Estimation | 2023 |
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Forecast Data Period | 2024 - 2030 |
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Market Size (2024) | USD 43.32 Billion |
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Market Size (2030) | USD 111.3 Billion |
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CAGR (2024 - 2030) | 17.03 % |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Japan Electric Car Market Analysis
The Japan Electric Car Market size is estimated at 43.32 billion USD in 2024, and is expected to reach 111.3 billion USD by 2030, growing at a CAGR of 17.03% during the forecast period (2024-2030).
43.32 Billion
Market Size in 2024 (USD)
111.3 Billion
Market Size in 2030 (USD)
6.98 %
CAGR (2017-2023)
17.03 %
CAGR (2024-2030)
Largest Segment by Vehicle Body Type
34.96 %
value share, Sports Utility Vehicle, 2023
SUVs lead due to their spaciousness, higher seating capacity, and versatility, making them a popular choice among Japanese consumers who prioritize comfort and utility in their vehicles.
Fastest Segment by Vehicle Body Type
18.37 %
Projected CAGR, Multi-purpose Vehicle, 2024-2030
MPVs are the fastest-growing due to their flexibility, spacious interiors, and increasing demand for vehicles that offer both passenger and cargo transport capabilities.
Largest Segment by Fuel Category
86.37 %
value share, HEV, 2023
HEVs dominate due to their fuel efficiency, ability to switch between electric and combustion power, and widespread adoption driven by consumer preference and government support.
Fastest-growing Segment by Fuel Category
33.85 %
Projected CAGR, BEV, 2024-2030
BEVs are growing rapidly due to advancements in battery technology, increasing government incentives, and expanding charging infrastructure, making them an attractive option for consumers.
Leading Market Player
68.37 %
market share, Toyota Motor Corporation, 2023
Toyota Motor Corporation is the leading manufacturer of the electric car in Japan. Most of the revenue generated is from Japan, owing to a greater number of EV sales when compared to other countries.
Japan is increasingly focusing on customizing electric car offerings to cater to diverse consumer lifestyles and driving preferences
- The electric vehicle (EV) market in Japan is experiencing significant growth, driven by the country's efforts to reduce oil imports and minimize environmental impact. Japan's government has set ambitious goals, aiming for all new cars sold in the country to be electric or hybrid by 2050. This aligns with a global shift toward sustainable transportation, placing Japan as a pivotal player in the Asia-Pacific EV market. The market's expansion is evident in its value, which is expected to reach USD 43.32 billion in 2024, with a robust growth rate projected through 2029, highlighting Japan's commitment to transitioning toward electric mobility.
- Hatchbacks and sedans, being more common in urban settings due to their compact size and efficiency, have a significant share. Meanwhile, SUVs are gaining popularity for their versatility and comfort, appealing to a broader audience seeking both performance and sustainability. The market's composition reflects a diverse consumer preference, leaning toward a mix of practicality and eco-friendliness in vehicle choice.
- However, the expansion of Japan's EV market faces challenges, notably in charging infrastructure and regulatory hurdles. The number of charging stations has seen a decline due to high installation and operational costs, exacerbated by stringent safety regulations for high-output chargers. This situation underscores the need for substantial investments in infrastructure to support the growing number of EVs. Despite these challenges, opportunities abound, especially with Japan's push toward digital transformation and IoT connectivity in the automotive sector.
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Japan Electric Car Market Trends
Japan's electric vehicle market grows gradually due to government and industry partnerships
- The electric vehicle industry in Japan is growing gradually, and the government's norms and targets to electrify all new car sales by 2035 are shifting the country toward electric mobility. Moreover, government efforts in terms of subsidies and rebates are driving the country's electric vehicle market. In November 2021, the government of Japan announced that it would provide subsidies on electric vehicles, i.e., up to USD 7200 per vehicle. However, hybrid vehicles are not included in the subsidy program. Such factors contribute to the growth of electric vehicles (passenger cars) by 11.11% in 2022 over 2021.
- Various companies are signing partnerships and ventures to enhance electric mobility in various sectors across Japan. In June 2022, the technology company Sony and the Japanese automaker Honda signed a joint venture to work on electric mobility together. The objective of the venture is to produce and sell electric cars in Japan by 2025. Moreover, Honda has announced the launch of 30 electric vehicles and the production of 2 million vehicles annually by 2030. Each company has invested approximately USD 37.52 million in the venture. Such factors are expected to impact electric mobility positively.
- In April 2022, the US-based automaker General Motors announced an expand its partnership with Honda to produce electric vehicles. As part of the expansion, the companies will develop new affordable electric vehicles, including cars. The production of the vehicles is expected to start in early 2027. Moreover, such international expansions are expected to develop new designs and enhanced cars, which further is expected to raise the sales of electric cars During the 2024-2030 period in Japan, which will also accelerate the demand for battery packs across Japan.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Japan's population decline, driven by aging demographics and low birth rates, presents challenges and highlights the need for policy reforms
- Japan's automotive market in the Asia-Pacific region displays a trend of cautious recovery in 2022-2023 after a period of fluctuations
- Japan's auto interest rates have shown a sustained downward trend, driven by the country's low-interest-rate policy and efforts to combat deflation
- Japan's EV charging network stabilizes at 29,400 stations, reflecting maturity and technological excellence
- Automakers are launching electric SUVs to drive electrification and battery pack demand in Japan
- The Japanese government decided to extend its gasoline subsidy program until the end of 2023, citing concerns over potential price hikes should the program be discontinued
- Japan's GDP per capita is poised for a robust rebound, projected to reach USD 47,745.41 by 2030
- Japan's transition from deflation to moderate inflation signals cautious economic progress
- Japan's MaaS Journey: Navigating growth and transformation in shared mobility
- In 2022, while South Africa, Kenya, and Morocco witnessed decreasing inflation hinting at economic stabilization, Nigeria faced a surge before stabilizing in 2023; future projections suggest a trend towards declining inflation and economic stability for all four countries
- The impact of demographics, technology, and sustainability are expected to affect the Japanese used car sales market
- Japan's vehicle production shows a shift toward mini cars and buses with market adjustments across segments, reflecting evolving consumer and economic trends
Japan Electric Car Industry Overview
The Japan Electric Car Market is fairly consolidated, with the top five companies occupying 113.79%. The major players in this market are Honda Motor Co. Ltd., Lexus, Mitsubishi Motors Corporation, Nissan Motor Co. Ltd. and Toyota Motor Corporation (sorted alphabetically).
Japan Electric Car Market Leaders
Honda Motor Co. Ltd.
Lexus
Mitsubishi Motors Corporation
Nissan Motor Co. Ltd.
Toyota Motor Corporation
Other important companies include Bayerische Motoren Werke AG, Daihatsu Motor Co. Ltd., Daimler AG (Mercedes-Benz AG), Mazda Motor Corporation, Subaru Corporation, Tesla Inc., Volvo Car AB.
*Disclaimer: Major Players sorted in alphabetical order.
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Japan Electric Car Market News
- November 2023: Tesla has acquired US-based start-up SiILion battery (Battery manufacturer) to excel the battery production in US.
- November 2023: Tesla opened its single-point electric vehicle super-charging station between the Bay Area and Los Angeles areas in the US.
- October 2023: Tesla entered into a nickel supply agreement with Prony Resources, in which Prony will supply around 42,000 tonnes of nickel to Tesla.
Free with this Report
For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
Japan Electric Car Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Population
- 4.2 GDP Per Capita
- 4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.4 Inflation
- 4.5 Interest Rate For Auto Loans
- 4.6 Shared Rides
- 4.7 Impact Of Electrification
- 4.8 EV Charging Station
- 4.9 Battery Pack Price
- 4.10 New Xev Models Announced
- 4.11 Used Car Sales
- 4.12 Fuel Price
- 4.13 Oem-wise Production Statistics
- 4.14 Regulatory Framework
- 4.15 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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5.1 Vehicle Configuration
- 5.1.1 Passenger Cars
- 5.1.1.1 Hatchback
- 5.1.1.2 Multi-purpose Vehicle
- 5.1.1.3 Sedan
- 5.1.1.4 Sports Utility Vehicle
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5.2 Fuel Category
- 5.2.1 BEV
- 5.2.2 FCEV
- 5.2.3 HEV
- 5.2.4 PHEV
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 Bayerische Motoren Werke AG
- 6.4.2 Daihatsu Motor Co. Ltd.
- 6.4.3 Daimler AG (Mercedes-Benz AG)
- 6.4.4 Honda Motor Co. Ltd.
- 6.4.5 Lexus
- 6.4.6 Mazda Motor Corporation
- 6.4.7 Mitsubishi Motors Corporation
- 6.4.8 Nissan Motor Co. Ltd.
- 6.4.9 Subaru Corporation
- 6.4.10 Tesla Inc.
- 6.4.11 Toyota Motor Corporation
- 6.4.12 Volvo Car AB
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
-
8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- JAPAN ELECTRIC CAR MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- JAPAN ELECTRIC CAR MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 6:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 8:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 9:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 10:
- JAPAN ELECTRIC CAR MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 11:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 12:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 13:
- JAPAN ELECTRIC CAR MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 14:
- JAPAN ELECTRIC CAR MARKET, VALUE IN USD, 2017 - 2030
- Figure 15:
- JAPAN ELECTRIC CAR MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 16:
- JAPAN ELECTRIC CAR MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 17:
- JAPAN ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 18:
- JAPAN ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 19:
- JAPAN ELECTRIC CAR MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2017 - 2030
- Figure 20:
- JAPAN ELECTRIC CAR MARKET, BY HATCHBACK, BY VALUE IN USD, 2017 - 2030
- Figure 21:
- JAPAN ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 22:
- JAPAN ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 23:
- JAPAN ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2017 - 2030
- Figure 24:
- JAPAN ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 25:
- JAPAN ELECTRIC CAR MARKET, BY SEDAN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 26:
- JAPAN ELECTRIC CAR MARKET, BY SEDAN, BY VALUE IN USD, 2017 - 2030
- Figure 27:
- JAPAN ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 28:
- JAPAN ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 29:
- JAPAN ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2017 - 2030
- Figure 30:
- JAPAN ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 31:
- JAPAN ELECTRIC CAR MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 32:
- JAPAN ELECTRIC CAR MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 33:
- JAPAN ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 34:
- JAPAN ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 35:
- JAPAN ELECTRIC CAR MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 36:
- JAPAN ELECTRIC CAR MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 37:
- JAPAN ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 38:
- JAPAN ELECTRIC CAR MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 39:
- JAPAN ELECTRIC CAR MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 40:
- JAPAN ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 41:
- JAPAN ELECTRIC CAR MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 42:
- JAPAN ELECTRIC CAR MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 43:
- JAPAN ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 44:
- JAPAN ELECTRIC CAR MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 45:
- JAPAN ELECTRIC CAR MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 46:
- JAPAN ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 47:
- JAPAN ELECTRIC CAR MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 48:
- JAPAN ELECTRIC CAR MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 49:
- JAPAN ELECTRIC CAR MARKET SHARE(%), BY MAJOR PLAYERS, 2021
Japan Electric Car Industry Segmentation
Passenger Cars are covered as segments by Vehicle Configuration. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category.
- The electric vehicle (EV) market in Japan is experiencing significant growth, driven by the country's efforts to reduce oil imports and minimize environmental impact. Japan's government has set ambitious goals, aiming for all new cars sold in the country to be electric or hybrid by 2050. This aligns with a global shift toward sustainable transportation, placing Japan as a pivotal player in the Asia-Pacific EV market. The market's expansion is evident in its value, which is expected to reach USD 43.32 billion in 2024, with a robust growth rate projected through 2029, highlighting Japan's commitment to transitioning toward electric mobility.
- Hatchbacks and sedans, being more common in urban settings due to their compact size and efficiency, have a significant share. Meanwhile, SUVs are gaining popularity for their versatility and comfort, appealing to a broader audience seeking both performance and sustainability. The market's composition reflects a diverse consumer preference, leaning toward a mix of practicality and eco-friendliness in vehicle choice.
- However, the expansion of Japan's EV market faces challenges, notably in charging infrastructure and regulatory hurdles. The number of charging stations has seen a decline due to high installation and operational costs, exacerbated by stringent safety regulations for high-output chargers. This situation underscores the need for substantial investments in infrastructure to support the growing number of EVs. Despite these challenges, opportunities abound, especially with Japan's push toward digital transformation and IoT connectivity in the automotive sector.
| Vehicle Configuration | Passenger Cars | Hatchback |
| Multi-purpose Vehicle | ||
| Sedan | ||
| Sports Utility Vehicle | ||
| Fuel Category | BEV | |
| FCEV | ||
| HEV | ||
| PHEV |
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Market Definition
- Vehicle Type - The category includes passenger cars.
- Vehicle Body Type - This include various body types such as Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles.
- Fuel Category - The category exclusively covers electric propulsion systems, including various types such as HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles).
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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